Uruguay installed its first-ever bitcoin ATM machine in the coastal city of Punta del Este which is a major tourist attraction in the region as we are reading more in today’s bitcoin latest news.
Uruguay installed its first Bitcoin ATM machine and it is the 11th South American country to encourage crypto adoption. Before Uruguay’s involvement, South America hosted 79 ATMs that represented 0.2% of the glboal BTC ATM installations. According to Ambito, Uruguay’s first crypto ATM was installed in Punta del Este which is a major tourist attraction in the region. The first BTC ATM was developed and installed with a partnership with two local crypto companies InBiert and URUBit.
The crypto ATM in Uruguay now supports withdrawal and deposits of five cryptocurrencies like BTC, Binance USD, Binance Coin, Ferret Token, and Urubit. FRT and URUB are in-house cryptos managed both in both Inbierto and Urubit. Adolfo Varela as the CEO of InBierto confirmed that the initaitive was 100% funded by the Uruguay government. inBierto is a crypto investment platform that is a member o the Uruguayan Chamber of Fintech which is the startup accelerator focused on the fintech sector. URUBit is a decentralized token created in Uruguay and deployed in the Binance Smart Chain.
The data from Coin ATM radar shows that Colombia leads the South American market with 31 crypto ATM installations which are followed by Brazil and Argentina at 22 and 11 installations respectively. Other countries include Venezuela, Ecuador, Aruba, Saint Kits and Nevis also installed one crypto ATM. Last year, the Uruguayan senator introduced a draft bill seeking to regulate crypto and to enable businesses to accept crypto payments. Senator Juan Sartori was not keen on adopting crypto as a legal tender:
“Today we present a bill that seeks to establish a legitimate, legal and safe use in businesses related to the production and commercialization of virtual currencies in Uruguay.”
As recently reported, The number of installed BTC ATMs doubled this year according to Coin ATM Radar that keeps the tabs on all locations where crypto can be purchased or sold for cash. 2020 ended with 12,869 BTC ATMs installed around the world and during this past year, the number climbed to 34,013 operational machines. Coin ATM Radar’s chart shows the number of machines installed over time revealing an exponential growth.
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